World Business Briefing | Europe: Britain: Possible Bid For Exchange

Macquarie Bank, Australia's biggest investment bank, said that it might make a £1.48 billion ($2.6 billion) takeover offer for the London Stock Exchange. Macquarie "could be prepared to offer 580 pence" a share in cash, subject to conditions, the bank said. That is lower than the exchange's closing price of 612 pence yesterday. The bank said it maintained its interest in a possible consortium offer for the exchange, which runs a $2.9 trillion market. Earnings at Macquarie, which is based in Sydney, have quadrupled in four years through investments in highways and airports.